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Starting a Business and Role of Innovation In Marketing

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  • Unit No: 1
  • Level: High school
  • Pages: 9 / Words 2259
  • Paper Type: Assignment
  • Course Code: BMM3013
  • Downloads: 792
Question :

Some of the main questions in this are like:

  • Give all the ways for the new market research.
  • What are the principles for marketing in case study of EddieStobart company
Answer :
Organization Selected : Eddie Stobart Company

Introduction

The idea that can be utilised for having financial gains which is centred on specific service or product refers business ides. It is formulated in such a way that it addresses the problems which prevails within market, drives in the profit, unique and must be innovative (Baines and et. al, 2017). Entrepreneur tends to start a new business with innovations in their products as this will lead them to generate higher profits. This assignment is based on Eddie Stobart Company which is bringing in innovation within their logistics for being a stronger player within the market and formulates their strong image. They have opted for usage of robotics through which they can have accuracy within their services. This report comprises of business idea, external factors, competition and their target market.

Proposed business idea

Eddie Stobart Company is a British firm which provides supply chain transport, logistics solutions for electronic-commerce, retail and manufacturing sectors. It is a public firm which renders their services through distinct ways. They are looking forward to bring an innovative service through which they can captivate large market and build their strong image within the market. The firm is about to deliver their services in logistics but as already there are strong players within the market, it is important to render their services in such a way they are unique as well as innovative (Belew and Elad, 2017). For this, they opted for making use of latest technologies as they are evolving quickly and also provide huge benefits to firms. With respect to Eddie Stobart Company, they are looking forward to make use of robotics within their working activities. It is the branch of science and engineering which involves designing, operations, construction as well as use of robots and computer systems for controlling, information processing and attaining sensory feedbacks. Robots will be liable for moving as well as reacting according to input which is being given to them through the usage of computer systems.

Logistics robots will automate the process associated with storage as well as moving of goods as they can make their own way for supply chain. The firm is opting to use them within warehouse as well as deliver storage facilities with respect to storage. This will enable Eddie Stobart Company to uptime manual labour which will lead to enhancement within productivity gains along with profitability. AGVs (Automated guided vehicle) can be used by them their warehouse as well as render storage facilities for transporting goods (Cadotte, 2016). These will operate within predefined pathways and will move products for shipping as well as storing. This will lead firm to reduce the cost associated with streamlining of supply chain. Apart from this, they are also making use of robotics for self-driving vehicles within logistics. Through this Eddie Stobart Company can improvise safety by adapting to alterations within the conditions of roads or obstacles in an diligent as well as précised way which will lead to eliminate the mistakes which are made by human drivers. This will aid organisation to eliminate the losses that are being caused by road accidents. Higher efficiency can be attained as vehicle to vehicle interaction will be optimised by convoying as well as allowing higher speeds which will minimise cost along with carbon footprint. In addition to this, driver dual tasking will be rendered as when robot will drive then the same time can be utilised for carrying out other activities.

Evaluate external environment

The environ which comprises of all outside factors that creates an impact operations as well as activities of business is referred to as external environment. For this, it is necessary for them to react or act to it so that flow of their operations is not affected and they are able to deliver their services as per formulated strategies (Hong and Son, 2017). Firms do not possess control over macro environment but they can take appropriate actions through which the impact can be minimised. For analysing these factors Eddie Stobart Company can make use of PEST analysis. This will enable them to identify the probable impact which will be created on services which are being delivered by organisation. It is shown below:

PEST Analysis:

The management method in which firm can access the major external factors which are liable for affecting their operations so that they can be competitive within the marketplace is referred to as pest analysis. It involves political, technological, economical and social factors which are responsible for creating an impact on operations of organisation (Melovic and et. al, 2017). This is a planning approach that can be utilised by Eddie Stobart Company for ensuring that they can attain high profits by delivering appropriate services within the market of UK. These factors have been provided below:

Political factors:

They plays critical role within identification of factors which creates an influence on Eddie Stobart Company in terms of ways in which operations are carried out and their profitability (Melovic and et. al, 2017). As they are offering their services in different countries, they will expose themselves within distinct political systems. For this, they need to diversify their systematic risks and analyse certain factors before entering within the market. As the firm is looking forward to make use of self-drive vehicles means robots will drive then it is mandatory to ensure or have appropriate permissions. They need to analyse the political stability along with risks associate with military invasion, intellectual property protection, trading partners, pricing regulations, interference of government and industrial safety regulation. By ensuring these factors only they must enter within the market otherwise there might be possibility that government may intervene there way of furnishing services which may lead them to loss (Mitchell, Madill and Chreim, 2016).

Economical factors:

They involve elements like interest rate, savings, foreign exchange, inflation along with economic cycle for determination of aggregate demand as well as investment within the economy. Along with this, competition also creates an impact on the competitive edge that usage of robotics while carrying out their operations (Hong and Son, 2017). Though it’s the technology but there is usage of high energy. Eddie Stobart Company needs analyse the factors like industrial goods and service industry growth rate, spending of customers, etc. so that they can forecast the trajectory growth. They need to identify the stability of UK as well as exchange rates, quality of infrastructure, education levels of individuals so that they can have adequate workforce, their skill levels along with comparative edge of host country with respect to logistics sector (Nelson and Tyson, 2019).

Social factors:

The culture of society as well as ways in which operations are carried out creates an impact of working of organisation. Attitude as well as shared beliefs of population have important role within understanding customers of Eddie Stobart Company. This will enable them to deign their products accordingly. For this it is important to analyse skill levels, hierarchy, class and power structure of society, nature of society, interests and culture which prevails within. It will assist them to have insight into the ways in which they furnish their services.

Technological factors:

Technology is fastest disrupting industry around the world and logistic is an appropriate instance of this. As Eddie Stobart Company are making use of robotics they can have a strong edge within the market (Rowles, 2017). But for this they need understand the impact which will be created while delivering their services in UK. Here, firm have to take into consideration, cost structure, influence of value chain, rate of technological diffusion and impact on offerings of their products.

By analysing these factors, it will become clear to Eddie Stobart Company that by delivering services in which country will lead them to have high profit margin as well as be strong player within logistic industry.

Illustrate the competition along with competitive advantage

As market is evolving continuously with the enhancement in technology, it is important to identify the major competitors within the market. This will enable them to acknowledge their services with respect to what is being offered in the market and what will drive them to success (Skripak, 2016). In context of Eddie Stobart Company, as they are planning to deliver their services in logistics through usage of robotics they need to identify their competitors along with their positioning within the market. This will lead them to formulate their strategies accordingly and have a success by beating the strong players but for this there has to high accuracy, quickness and preciseness within their services. The table is shown below with respect to Eddie Stobart Company and their major competitors present within the market.

Feature/ Company

Eddie Stobart Company

YODEL

TRANSCOR

Strengths

Robotics will used to deliver their services as well manage their warehouse (Baines and et. al, 2017). This enables their workforce to invest time within other activities to have affirmative impact. This will lead to eliminate the mishappenings which occur while human labour carries out operations like accidents.

They furnish their international delivery solution for organisation and customer who make use of online services. They are delivering their services in around 200 countries and territories. Makes use of social media for having an edge.

It is regional 3PL which furnishes distribution, warehousing, freight brokerage and warehousing at nationwide level by rendering their customers to deal with critical supply chain problems. Emphasis is laid on security as well as accurate delivery of services.

Weaknesses

Use of social media is limited.

Hardly interacts with customers, its just picking the parcel from warehouse and deliver it.

Language is formal but this is not user-friendly.

Social Media

They make use of instagram and twitter along with blogging the posts

Blog posts are used by them.

They are active on each platform to make their customers aware about services which are delivered by them.

Proposed target market

STP model can be utilised by Eddie Stobart Company which is broad framework and is liable for summarising and rendering a simplification for processes associated with segmentation of market (Belew and Elad, 2017). Segmentation implies identification of market on the basis of different segments like demographics, psychographics, and geography along with other aspects. Targeting denotes determination of most attracting segments which have been identified. Positioning is the last stage which is business oriented in which firms like Eddie Stobart Company can access their competitive edge and positions them within the market.

Eddie Stobart Company has opted for demographics in which young entrepreneurs are taken into consideration. The reason behind this is that they are more innovative and look forward for the options through which services can be enhanced. Their target is young entrepreneurs as Eddie Stobart Company is making use of robotics which will enable them to deliver services quickly and accurately. Young entrepreneurs often look for such kind of delivery options through which their sales can be enhanced and there could be minimum returns. Along with this, self driven vehicles are used then possibilities of miss-happenings are also equivalent to negligible (Cadotte, 2016). This will lead Eddie Stobart Company to position them within the market strongly.

Related Article:- Marketing Management And Analysis

Conclusion

From above it can be concluded that, innovation is an important factor which leads organisation to bring something new within the market and stand out from existing competition. But for this, it is necessary to ensure that the idea behind business is unique and renders various benefits to organisation as well as individual. This will lead them to enhance their customer base. By making use of robotics precise as well as timely services can be delivered to the users. Furthermore, it is mandatory to analyse the environment in which they are furnishing their services so that factors can be analysed along with impact they will create on delivery of their services. The target market should be kept in mind so that it is clear for whom services are being proposed.

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